A. B. Frank Co. v. Commissioner
United States Tax Court
Held, the excess profits tax computed without the benefit of section 722, I. R. C., has not been shown to result in an excessive and discriminatory tax because of the qualifying factors found in section 722 (b), I. R. C.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The petitioner seeks relief from excess profits tax under section 722, Internal Revenue Code.1 The petitioner is entitled to use the excess profits credit based on income. It is petitioner’s contention that the tax computed without the benefit of section 722 results in an excessive and discriminatory tax because its average base period net income is an inadequate standard of normal earnings due to the factors stated in section 722 (b) (1), (2), and (4).
The petitioner bases its claim for relief under section 722 (b) (1), I. R. C., upon the existence of a drought in…
2Cases cited3 opinions
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Stonhard Co. v. CommissionerUnited States Tax Court · 1949
3Cited by34 opinions
- West Flagler Amusement Co. v. CommissionerUnited States Tax Court · 1954
- A. B. Frank Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1954
- Miami Valley Coated Paper Co. v. CommissionerUnited States Tax Court · 1957
- Seggerman Nixon Corp. v. CommissionerUnited States Tax Court · 1956
- Austin Co. v. CommissionerUnited States Tax Court · 1954
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